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Cfp > Ethics > Flashcards

Ethics Flashcards

1
Q

Rules of conduct 1

A

Define relationship with prospective client
Mutually agree about services provided
Financial planning -6 steps of financial planning

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2
Q

Written agreement

A

Parties
Date and duration
Termination
Services provided

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3
Q

Rules of conduct 2

A 
No false or misleading communication
Disclosures
Compensation
Let know when move in writing
Contact info
Brochure rule
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4
Q

Rule of conduct 3

A 
Protect client information
Obtain information necessary to do job
Custody
Investment discretion
Exercise supervision
Cannot commingle funds except for defined benefit plan
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5
Q

Rule of conduct 4

A 
Obligations to prospective client
Treat fairly
Only competent advice
Fiduciary. Suitable and best
Tell clients if cert revoked
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6
Q

Rule of conduct 5

A

Obligation to employer perform with dedication

Cffp board. Conviction or suspension in 10 days

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7
Q

Practice standards

A

Financial planning process

  1. Establish define relationship
  2. Gather client data
  3. Analyze evaluate info
  4. Develop and present fp recommendation
  5. Implement fp recommendation
  6. Monitor
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8
Q

Gather data

A

Quantatative approach to qualitative idea

Personal financial goals

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9
Q

Analyze and evaluate

A 
Assets 
Liabilities
Insurance
Estate
Cash flow 
Benefits at work
Retirement
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10
Q

Develop and present

A

Recommend on info provided
Go over recommendations
Have to present in a way client understands and believes it
Client understands they have alternatives

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11
Q

Implementing financial planning advice

A

If the plan is not implemented it is not financial planning
You must make sure it is implemented
Coach

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12
Q

Monitor financial planning recommendations

A

Report periodically review life changes

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13
Q

What is financial planning

A

Clients understanding and intent if client does not think it is
Degree to which multiple areas are involved
How comprehensive has data been

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14
Q

What is not financial planning

A

Opening acct
Kyc
Brokerage or insurance or mtg brkr or tax preparer or teacher

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15
Q

Grounds for discipline

A

Any act or omission
Failing to comply with practice standards
No criminal laws
No suspensions
Board disciplinary rules. Failure to respond.
Lie

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16
Q

Disciplinary process

A 
Grivance or 
Notice of investigation. 30 days
Issue complaint hearing. 20 days. 750.00
Attorney witness ident 45 days
Decision 30 days
Appeal 30 days

Cfp (5 decks)

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